Quote of the Day: We Are All Non-Keynesians Now


From Rick Perry, riffing on the Obama presidency:

The other thing this president’s done, he has proven for once and for all that government spending will not create one job. Keynesian policy and Keynesian theory is now done. We’ll never have to have that experiment on America again.

The sad thing is that he’s mostly right. Through a combination of Republican truculence and Democratic timidity, pretty much nobody believes any more in the government’s ability to stimulate the economy. And why should they? If Republicans keep saying it doesn’t work, and in response Democrats sort of shuffle around looking embarrassed, why would anyone doubt that it’s a completely discredited theory?

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